Star struck

19 Mar 2012 By Reynolds Holding

Dewey & LeBoeuf lured rainmakers with guaranteed payouts, echoing a structure common in banking. Pay cuts for other partners at the New York firm have led to an exodus. Dewey’s struggle to regain equilibrium is a cautionary tale about getting swept up in a culture of stardom.

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Twelve more partners left New York-based law firm Dewey & LeBoeuf on March 16, increasing to 31 the total that have exited the firm since the start of the year. The latest exodus involved attorneys with Dewey’s transactional and regulatory insurance group. They joined another New York-based firm, Willkie Farr & Gallagher.

Dewey & LeBoeuf was created in 2007 through the merger of century-old Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae. It has about 1,000 lawyers, roughly 300 of whom are partners, in 25 offices worldwide.

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